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In a first ever foray into Brazil, Oil
& Natural Gas Corporation (ONGC) has
pitched to acquire a 30% stake in the
Campos Basin oilfield valued at USD
400 million. Investment sources say
that ONGC will possibly get 15-20% of
the stake that Exxon Mobil I selling
because existing partners Shell and
Petrobras will possibly expand their
holdings in the basin. Part of the
this partnership will required
reciprocal investment by Shell and
Petrobras in India’s New Exploration
and licensing Policy (NELP) VI
offering.
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